2240 Dept of Housing & Community Development
40 - CALIFORNIA HOUSING FINANCE AGENCY
The CalHFA administers the Lending Activity, the objective of which is to finance housing at affordable interest rates, using the proceeds from the sale of tax-exempt and taxable mortgage revenue bonds to make: (1) mortgage loans to qualified first-time homebuyers to finance the purchase of single family homes, (2) permanent loans to create and preserve multifamily housing projects, and (3) special needs housing loans to facilitate the construction, rehabilitation and acquisition of housing needed to serve special needs populations. The CalHFA also administers the Insurance Activity, the objective of which is to encourage the preservation of existing housing and improve new housing opportunities by offering mortgage insurance products to homebuyers who might not qualify for traditional lending programs. The program provides primary mortgage insurance at favorable rates by working with participating lenders, government agencies, government-sponsored enterprises, and the secondary mortgage market to develop and offer innovative homebuyer lending and mortgage insurance programs. Mortgage Insurance Services is not writing new policies, but continues to administer existing policies and claims.